The New Craze in Buying Office Condos

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Buying or renting an office condo space for market purposes has hit the real estate market with a running start. Living spaces once reserved for residential residency has proved to be a viable choice for some kinds of business. Condo office space is plentiful, and the trend is growing over the country, albeit not yet in the major metropolitan areas. Like all else in life, there are pros and cons to intelligent your firm into a condo. For some, the caress has a track record of proven success, and for others, customary market real estate may remain the ticket. Office condo businesses are rapidly catching on over the country, however, they have not peaked in the major metropolitan areas. Phoenix may thrive better than New York City for the office revolution, and time will tell if the trend will move send or in reverse.

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Office Condo Advantages

1. Buying or leasing an office condo brings a bit of tranquility to the workplace with plentifulness of residential conversions placed in the slower parts of town. The atmosphere is unhurried and often placed in prime suburban neighborhoods with plentifulness of amenities nearby. Some condos are easy entrance to grocery stores, restaurants and might even be handy to a dry cleaner. If the bustle of downtown is not your style, then an condo may be right for you.

2. In most cases, the condo is a good value for the rental or buy price and makes a great location to do business, especially in the heart of suburban life. Although not every expert venture is marvelous for condo businesses, they may serve as a prime location for lawyers, accountants, dentists, and chiropractors.

3. Ownership of the office property has shown a steady climb in appreciation, and may be a better venture in the long haul over purchasing a customary piece of market real estate. In addition, office condo owners may take benefit of Irs code 179 to deduct over 0k in such case of accelerated depreciation straight through the first seven year period.

Office Condo Disadvantages

1. The office condo environment may not be marvelous for businesses that are uncertain of the space they will need for a lease or purchase. Although many of the office condo units are spacious, they do not work well with businesses that wish heavy tool or may be branch to stocking large amounts of inventory. A firm that does not have a clear vision for their firm growth and a corner of the minimal space required will do better to refrain from an condo buy or long-term lease.

2. Businesses that depend on a hefty consumer client base may soon have disenchanted patrons who can never seem to get a parking space. The office condo parking is small and can be a disappointment to building clients that have to circle the block to park their car. However, if the condo preparing favors clients with appointments, then the parking issue is substantially mitigated.

3. Although Ownership of an office condo property has proved useful with appreciation, the idea is relatively new and does not contribute a long-term track record for attracting a steady influx of renters. As with any real estate purchase, its thrifty to eye all your options before signing on the dotted line. Be sure to evaluate all your circumstances and crunch the demographic numbers for statistical data that your office condo location is enough to support a client base.

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